The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported the total number of loans now in forbearance jumped from 3.74% of servicers’ portfolio volume in the prior week to 5.95% as of April 12.
In little more than a month, the coronavirus pandemic sent the housing market from a promising spring to a national emergency, said Redfin, Seattle.
Marcus & Millichap, Calabasas, Calif., said the federal government’s quick response to COVID-19-caused market volatility should relieve some stress that hangs over multifamily owners and tenants.
According to data from MBA’s State Monthly Activity Report (SMAR), purchase applications grew for 14 consecutive months until the impacts of COVID-19 slowed activity to a 2 percent decline in March. Most of the decline was likely in the last two weeks of the month, when many states enacted restrictions on non-essential business and social activity.